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Do Coin Shops Pay Less For Proof Coins?

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New Member

United States
8 Posts
 Posted 01/15/2019  03:24 am Show Profile   Bookmark this topic Add headstar to your friends list Get a Link to this Message Number of Subscribers
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This guy claims that LCSs/gold dealers may pay you less for proof coins than the normal BU versions. Is this true, do coin shops prefer BU coins?

I was thinking of getting a 1 oz proof gold Buffalo or Eagle, but I'm discouraged now.
Valued Member
srcliff's Avatar
United States
453 Posts
 Posted 01/15/2019  08:30 am  Show Profile   Bookmark this reply Add srcliff to your friends list Get a Link to this Reply
Honestly I have no experience with this but wouldn't it seem logical that the floor would be to offer you no premium over BU?
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NDBirdman's Avatar
United States
747 Posts
 Posted 01/15/2019  11:18 am  Show Profile   Bookmark this reply Add NDBirdman to your friends list Get a Link to this Reply
Follows along with what my dealer says. Tells me when I buy silver rounds when I bring it back in to sell, he will give me the same price for a silver coin as he will silver bullion. He will only pay more for a rare silver/gold dollar. I've tried and walked out with my coins. He says sell on ebay if I want more than a silver price. He says the same thing on gold. On the other hand, he sure has some nice coins with high prices.
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IndianGoldEagle's Avatar
United States
36832 Posts
 Posted 01/15/2019  11:41 am  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
Brick and mortar stores usually only pay melt for modern bullion coins, silver/gold, BU/Proof all the same. They sell above that to help cover their expenses, which are many when operating a store.
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Alpha2814's Avatar
United States
2023 Posts
 Posted 01/15/2019  12:08 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
The video makes the point that these are effectively bullion coins, so generally speaking, spot price is correct. That said, there can be a premium if the piece is a rare date (are there any in these series?) and/or they are graded 70 (and even then, there may not be a premium if there are a lot of those). In those cases, I believe dealers are still likely to consider them bullion and they would pay bullion prices -- the premiums would be found from other collectors, and those would be on ebay or similar sites.

I have one of each (though my eagle is a 1/4 ounce, which is far more affordable) for "type" purposes. If you want one, go for it. But respect the concept of "spot" and if you go the graded/premium route, understand it will be trickier to get your premium back.
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